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SMM Brief on SHFE Zinc Futures (2013-3-26)
Mar 26,2013 18:09CST
smm insight
Source:SMM
SHFE 1306 zinc contract price started lower on Tuesday at RMB 14,975/mt.

SHANGHAI, Mar. 26 (SMM) – SHFE 1306 zinc contract price started lower on Tuesday at RMB 14,975/mt. In the morning, reports that IMF may lower global economic growth forecast and the relaunch of domestic IPO triggered market concerns, driving the Shanghai Composite Index to fall. LME zinc prices also dropped on selling pressure, weighing down SHFE zinc. As such, SHFE 1306 zinc contract price fluctuated down after opening but gained strong support at the 5-day moving average after touching a low of RMB 14,930/mt. In the afternoon, the weakening US dollar sent LME zinc up and thus caused SHFE zinc prices to rise to RMB 14,980/mt before closing at RMB 14,970/mt, down RMB 70/mt or 0.47% from a day earlier. Trading volumes were down 8,798 lots to 34,238 lots, while positions fell 2,590 lots to 123,640 lots.

 

 

SHFE zinc prices

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